Are Women Better for Business?
Brand Matters 2019 will be taking place on 4th April 2019, in partnership with TBWA, HDI Youth Marketing Consultancy and Business Times. We will be unpacking the female equation: are women better for business? It is projected that 75% of the global discretionary spend will be controlled by companies innovating for women by 2028. The challenge is that this opportunity is not being recognised, and many companies are still using dated constructs when it comes to both including women in business leadership, and marketing to women as consumers.
Business norms and expectations are not set in stone; they evolve according to consumer expectations and needs. Instead of looking at women through the lens of outdated social constructs, businesses can tap into the power they can offer.
Truly understand the women that make up your organisation and your target market. Segment them according to demographic factors such as age, geography and socioeconomic status. What are their needs, desires and challenges? Every woman is not the same, and we are in an era where cultural influences are more global. It’s a mistake to put women in a box, whether as professionals or as customers. In order to avoid doing this, businesses also need to start assessing their strategy process and leadership gender split. Do women exist at the executive level in your organisation, speaking to needs and issues that men may not understand, minimise or overlook? How can your organisation amplify women’s voices internally in order to serve your customers better?
Be a social challenger.
Just because something isn’t the norm doesn’t mean it can’t or shouldn’t be done. What is your business doing to dismantle some of the hurdles and challenges that women face? Are you enabling social growth or are you perpetuating the usual dialogue and attitudes that shame, blame, and make assumptions? Women need opportunities, products and services that address the heart of what they need as individuals. For example, we believe women make purchase decisions in a very limited category of goods, usually pertaining to the home and children. But women are now in the workforce and make decisions about their own assets. The family unit also looks different in 2019 for many people. By communicating in the same rigid way to women, businesses also ignore the evolution of many men.
Innovate for women.
If you understand the women who make up your stakeholders and market, it follows that you will innovate products and services for them. If your business can solve a problem for women that nobody else is solving, your business will make an impact. By extension, you will reap tangible benefits for your reputation as well as your bottom line. Innovation is not for your customers alone; your employees also need companies that innovate and advocate for them. What does your health and safety policy look like, or your maternity benefits? How do you support women as they juggle the demands that are often still placed on them between work and home?
Join us at the Brand Matters session as we tackle these and other issues concerning women as customers and in the workplace. For more information and to RSVP, contact:
Nicolle Mhondiwa- Email: email@example.com Tel: (0242) 304 052/ 304 260 or
Stephanie Taderera- Email: firstname.lastname@example.org, Tel: (0242) 790 381.
Stephanie Taderera is a Content Executive at Magna Carta Reputation Management Consultants.